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ETH Breaks Up Descending Channel Against BTC, Price Continues To Drop Below $290

Ethereum (ETH) Price Analysis – July 1

Under the 24-hours of trading, Ethereum has lost 5.18% as the sellers dictate the trend of the market. However, the markets have been quite moving in the opposite direction. While Ethereum gains recovery against Bitcoin, price continues to drops against Dollar. As of now, the cryptocurrency is holding a market cap valuation of $30 billion with current price 4t around $281(0.0276)

ETH-USD Market

Key Levels:
Resistance levels: $320, $335, $350
Support levels: $270, $260, $250

The price of Ethereeum has significantly dropped over the past few days of trading, causing the market to trade below the $300 after opening short for the month. Just a moment a few hours ago, Ether broke the $290 to the current trading price at $286. The current selling pressure has now reflected in the negative zone of the 4-hours MACD.

ETHUSD, 4H Chart – July 1

Following the 21-day MA bearish cross on the 50-day MA, the sellers are likely to locate support at the $270, $260 and $250 levels. However, if the bulls can manage to power the market, Ethereum may resume upward Movement. The key resistance level lies at $320, $335 and $350.

ETH-BTC Market

Ethereum has witnessed a dramatic decline over the past few weeks as trading remains in a descending channel against the Bitcoin market. A few hours ago, the token broke up the 0.027BTC level after climbing above the 21-day and 50-day moving averages. Above the channel pattern, Ethereum is now rising towards the 0.029BTC, 0.03BTC and 0.032BTC resistances.

ETHBTC-4H-Chart-July-1

Before the price further shoots up, ETH might need to retest the 0.027BTC. Now, the long bearish MACD is about to make a clear bullish crossover which could possibly turn the market bullish. However, we can expect potential support at 0.0268BTC, 0.026BTC and 0.025BTC levels if the price falls back in the descending channel.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.